DEFENCE Minister Manohar Parrikar on Monday (March 28) unveiled the much-awaited Defence Procurement Procedure, saying it will ensure transparency and speed in acquisition process and boost the 'Make in India' initiative to reduce dependence on exports.
"The Defence Procurement Procedure (DPP) can push the agenda of'Make in India' and India's target of achieving defence industry network," Parrikar said at the inauguration of four-day Defence Expo in Betul-Naqueri village, about 50 kms from Panaji.
With the new DPP, it will be ensured that there is greater transparency and faster clearances, he said.
The DPP have been loaded online on the Defence Ministry's website and would be made available in hard copy format after 15 days.
Parrikar said certain concerns of foreign companies which were expressed in the past, would be addressed through this policy in next three to four months.
The new policy has introduced an Indian Designed, Developed and Manufactured (IDDM) category which will benefit the local units, he said.
"We have increased the Foreign Direct Investment (in Defence sector) to 49 per cent which will be through automatic route," the minister pointed out.
Parrikar said defence export clearances are to be granted online. He said the policy will also include 'Start-up India' initiative.
Technology is changing every year and India has the capability to use it in defence production, he observed.
"We expect that new policy will make the world take advantage of technological revolution across India," he said.
Railways Minister Suresh Prabhu, AYUSH Minister Shripad Naik, Minister of State for Defence Rao Inderjit Singh and Goa Chief Minister Laxmikant Parsekar were present at the function.
The new DPP would help India reduce its dependency on foreign countries and source defence equipment within the country, Singh said.
Meanwhile, the ninth edition of DefExpo India, a biennial exhibition of land, naval and internal homeland security systems, being organised by the Defence Ministry, kicked-off in Goa.
More than 1,000 companies from 47 countries are participating in the DefExpo.
